Clearaway Holdings Limited - Limited company accounts 20.1
Clearaway Holdings Limited - Limited company accounts 20.1
| REGISTERED NUMBER: 09737362 (England and Wales) |
| Group Strategic Report, |
| Report of the Directors and |
| Consolidated Financial Statements |
| for the Year Ended 30th April 2021 |
| for |
| CLEARAWAY HOLDINGS LIMITED |
| CLEARAWAY HOLDINGS LIMITED (REGISTERED NUMBER: 09737362) |
| Contents of the Consolidated Financial Statements |
| for the year ended 30th April 2021 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 6 |
| Consolidated Profit and Loss Account | 10 |
| Consolidated Other Comprehensive Income | 11 |
| Consolidated Balance Sheet | 12 |
| Company Balance Sheet | 13 |
| Consolidated Statement of Changes in Equity | 14 |
| Company Statement of Changes in Equity | 15 |
| Consolidated Cash Flow Statement | 16 |
| Notes to the Consolidated Cash Flow Statement | 17 |
| Notes to the Consolidated Financial Statements | 19 |
| CLEARAWAY HOLDINGS LIMITED |
| Company Information |
| for the year ended 30th April 2021 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| & Statutory Auditors |
| Monometer House |
| Rectory Grove |
| Leigh on Sea |
| Essex |
| SS9 2HN |
| CLEARAWAY HOLDINGS LIMITED (REGISTERED NUMBER: 09737362) |
| Group Strategic Report |
| for the year ended 30th April 2021 |
| The directors present their strategic report of the company and the group for the year ended 30th April 2021. |
| The historic principal activity of the group continues to be that of waste processing and recycling. |
| The core activities of the group include collecting waste from private households and businesses in the local area, organising the transportation of commercial waste via our sister company Waste-A-Away Recycling, and bringing it to our recycling facility on the Burnt Mills Industrial Estate where we treat around 250,000 tonnes of locally Essex generated waste every year. |
| The Board is committed to continuing to invest in waste processing capacity such that the company can maximise the levels of waste recycling undertaken and thus reduce the amount of waste that has to be delivered to landfill. |
| With the initial lockdown following the Covid 19 Pandemic an immediate effect was felt by the company as there was a dramatic fall in commercial waste being generated with the closure of commercial operations. This impacted primarily on sales undertaken through contracts with our sister company Waste-A-Way Recycling Limited. This resulted in a 30% reduction in sales in this area in the reporting year. |
| This reduction in sales however was in part offset by a 51% increase in skip sale revenue and a 97.6% increase in the processing of bulk waste. These increases again can be linked to the Covid 19 circumstances where the public were home based increasing domestic waste and also fueling demand for skips and waste from this area as people looked to spend on the home for improvements with the advent of more home working etc. |
| Overall impact of the above on turnover was a reduction of 7.6%. |
| With a determination for the business to grow out of the Covid period, the directors launched a number of commercial activities to address both business development and cost control. |
| With respect to business development, In the longer term and in order to support the commitment to reducing the level of untreated waste being delivered to landfill, Clearaway is looking to build an Energy Recovery Facility (ERF) next to our existing recycling facility on the Burnt Mills Industrial Estate, Archers Fields in Basildon. |
| The ERF will help to tackle two problems facing society - how to sustainably manage the waste we produce and how to create secure, low carbon sources of energy. The ERF is being designed to take the waste that already comes to the Clearaway recycling facility, which means there will be no additional deliveries and, by processing waste left over after the commercial recycling processes have been exhausted, we will be able to significantly reduce the amount of waste which is currently transported on local roads to North Essex for disposal in landfill.The group have continued to invest heavily to progress this project. |
| For the year ending April 2021, the group has continued to invest in new and improved waste processing plant with total investment in new assets of around £700,000. The group have also engaged independent third party valuations of the groups property holdings resulting in a increase of £545,000 in carrying value on the group balance sheet. |
| Principal risks that the business face relate to ensuring we keep up to date and comply with the laws and regulations relating to waste processing and operating within authorised tonnage limits. The directors continue to oversee and monitor this area in detail ensuring compliance with all requirements and maintaining up to date knowledge to ensure compliance. The directors are pleased to report no issues in relation to this area of the business. |
| During the year the group took advantage of the JRS scheme but this only totalled £33,000 and was only utilised short term. The group has also utilised the CBIL Coronavirus loan scheme in the year which has been the main reason for the increase in creditors reported as at the balance sheet date. |
| With greater visibility comes greater accountability, and the directors are determined to deliver progressive practices which promote the group's environmental and social value credentials and its role in the community. |
| CLEARAWAY HOLDINGS LIMITED (REGISTERED NUMBER: 09737362) |
| Group Strategic Report |
| for the year ended 30th April 2021 |
| By the end of the financial year, the full management team utilised electric vehicles and a switch to renewable energy will follow shortly. Clearaway provides high quality jobs to the local communities from which it operates and it will be improving its engagement with young people to promote careers in wastemanagement through new work experience placements. |
| Following the balance sheet date the Directors are pleased to report the further consolidation of the company and its sister companies within the Waste-A-Way Recycling Group with the formation of the Whitehair Group Limited. This has resulted with bringing all operations within the one group umbrella. |
| ON BEHALF OF THE BOARD: |
| CLEARAWAY HOLDINGS LIMITED (REGISTERED NUMBER: 09737362) |
| Report of the Directors |
| for the year ended 30th April 2021 |
| The directors present their report with the financial statements of the company and the group for the year ended 30th April 2021. |
| DIVIDENDS |
| No dividends will be distributed for the year ended 30th April 2021. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1st May 2020 to the date of this report. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. in preparing these financial statements, the directors are required to: |
| - select suitable accounting policies and then apply them consistently |
| - make judgments and accounting estimates that are reasonable and prudent |
| - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements |
| - prepare the financial statements on the going concern basis, unless it is inappropriate to presume that the company will continue in business |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| CLEARAWAY HOLDINGS LIMITED (REGISTERED NUMBER: 09737362) |
| Report of the Directors |
| for the year ended 30th April 2021 |
| AUDITORS |
| The auditors, Barrons Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Clearaway Holdings Limited |
| Opinion |
| We have audited the financial statements of Clearaway Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30th April 2021 which comprise the Consolidated Profit and Loss Account, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the group's and of the parent company affairs as at 30th April 2021 and of the group's profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Report of the Independent Auditors to the Members of |
| Clearaway Holdings Limited |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
| Report of the Independent Auditors to the Members of |
| Clearaway Holdings Limited |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. |
| The following laws and regulations were identified as being of significance to the entity: |
| - Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation. |
| - Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include, licencing requirements, environmental regulations, health and safety legislation. |
| Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud. |
| No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| Report of the Independent Auditors to the Members of |
| Clearaway Holdings Limited |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Chartered Accountants |
| & Statutory Auditors |
| Monometer House |
| Rectory Grove |
| Leigh on Sea |
| Essex |
| SS9 2HN |
| CLEARAWAY HOLDINGS LIMITED (REGISTERED NUMBER: 09737362) |
| Consolidated Profit and Loss Account |
| for the year ended 30th April 2021 |
| 2021 | 2020 |
| as restated |
| Notes | £ | £ |
| TURNOVER | 20,565,577 | 22,251,203 |
| Cost of sales | 18,963,536 | 19,633,490 |
| GROSS PROFIT | 1,602,041 | 2,617,713 |
| Administrative expenses | 790,726 | 618,462 |
| 811,315 | 1,999,251 |
| Other operating income | 3 | 32,855 | - |
| OPERATING PROFIT | 5 | 844,170 | 1,999,251 |
| Interest receivable and similar income | 1,271 | 1,441 |
| 845,441 | 2,000,692 |
| Gain/loss on revaluation of investment property |
(70,000 |
) |
86,672 |
| 775,441 | 2,087,364 |
| Interest payable and similar expenses | 6 | 22,035 | 38,095 |
| PROFIT BEFORE TAXATION | 753,406 | 2,049,269 |
| Tax on profit | 7 | 143,625 | 391,059 |
| PROFIT FOR THE FINANCIAL YEAR |
| Profit attributable to: |
| Owners of the parent | 609,781 | 1,658,210 |
| CLEARAWAY HOLDINGS LIMITED (REGISTERED NUMBER: 09737362) |
| Consolidated Other Comprehensive Income |
| for the year ended 30th April 2021 |
| 2021 | 2020 |
| as restated |
| Notes | £ | £ |
| PROFIT FOR THE YEAR | 609,781 | 1,658,210 |
| OTHER COMPREHENSIVE INCOME |
| Revaluation | 615,000 | 177,052 |
| Income tax relating to other comprehensive income |
(116,850 |
) |
(32,830 |
) |
| OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
498,150 |
144,222 |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,107,931 |
1,802,432 |
| Note |
| Prior year adjustment | 9 | (175,743 | ) | (31,521 | ) |
| TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT |
932,188 |
1,770,911 |
| Total comprehensive income attributable to: |
| Owners of the parent | 932,188 | 1,770,911 |
| CLEARAWAY HOLDINGS LIMITED (REGISTERED NUMBER: 09737362) |
| Consolidated Balance Sheet |
| 30th April 2021 |
| 2021 | 2020 |
| as restated |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 10 | 4,529,576 | 3,801,306 |
| Investments | 11 | - | - |
| Investment property | 12 | 430,000 | 500,000 |
| 4,959,576 | 4,301,306 |
| CURRENT ASSETS |
| Debtors | 13 | 2,506,797 | 1,069,384 |
| Cash at bank | 2,035,501 | 2,400,914 |
| 4,542,298 | 3,470,298 |
| CREDITORS |
| Amounts falling due within one year | 14 | 1,188,312 | 1,136,388 |
| NET CURRENT ASSETS | 3,353,986 | 2,333,910 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
8,313,562 |
6,635,216 |
| CREDITORS |
| Amounts falling due after more than one year |
15 |
(1,037,039 |
) |
(652,966 |
) |
| PROVISIONS FOR LIABILITIES | 19 | (525,811 | ) | (339,469 | ) |
| NET ASSETS | 6,750,712 | 5,642,781 |
| CAPITAL AND RESERVES |
| Called up share capital | 20 | 50,100 | 4 |
| Revaluation reserve | 21 | 673,893 | 175,743 |
| Merger reserve | 21 | 297,993 | 297,993 |
| Retained earnings | 21 | 5,728,726 | 5,169,041 |
| SHAREHOLDERS' FUNDS | 6,750,712 | 5,642,781 |
| The financial statements were approved by the Board of Directors and authorised for issue on 2nd February 2022 and were signed on its behalf by: |
| Mr P I Whitehair - Director |
| CLEARAWAY HOLDINGS LIMITED (REGISTERED NUMBER: 09737362) |
| Company Balance Sheet |
| 30th April 2021 |
| 2021 | 2020 |
| as restated |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 10 |
| Investments | 11 |
| Investment property | 12 |
| CURRENT ASSETS |
| Debtors | 13 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 14 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 20 |
| Revaluation reserve | 21 |
| Retained earnings | 21 | 1,895,455 |
| SHAREHOLDERS' FUNDS |
| Company's (loss)/profit for the financial year | (19,115 | ) | 779,647 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| CLEARAWAY HOLDINGS LIMITED (REGISTERED NUMBER: 09737362) |
| Consolidated Statement of Changes in Equity |
| for the year ended 30th April 2021 |
| Called up |
| share | Retained | Revaluation | Merger | Total |
| capital | earnings | reserve | reserve | equity |
| £ | £ | £ | £ | £ |
| Balance at 1st May 2019 | 6 | 3,542,352 | 31,521 | 297,993 | 3,871,872 |
| Prior year adjustment | - | (31,521 | ) | - | - | (31,521 | ) |
| As restated | 6 | 3,510,831 | 31,521 | 297,993 | 3,840,351 |
| Changes in equity |
| Issue of share capital | (2 | ) | - | - | - | (2 | ) |
| Total comprehensive income | - | 1,833,953 | 144,222 | - | 1,978,175 |
| Balance at 30th April 2020 | 4 | 5,344,784 | 175,743 | 297,993 | 5,818,524 |
| Prior year adjustment | - | (175,743 | ) | - | - | (175,743 | ) |
| As restated | 4 | 5,169,041 | 175,743 | 297,993 | 5,642,781 |
| Changes in equity |
| Issue of share capital | 50,096 | - | - | - | 50,096 |
| Total comprehensive income | - | 609,781 | 498,150 | - | 1,107,931 |
| Bonus issue | - | (50,096 | ) | - | - | (50,096 | ) |
| Balance at 30th April 2021 | 50,100 | 5,728,726 | 673,893 | 297,993 | 6,750,712 |
| CLEARAWAY HOLDINGS LIMITED (REGISTERED NUMBER: 09737362) |
| Company Statement of Changes in Equity |
| for the year ended 30th April 2021 |
| Called up |
| share | Retained | Revaluation | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Balance at 1st May 2019 |
| Prior year adjustment | - | ( |
) | - | ( |
) |
| As restated |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 30th April 2020 | 2,246,945 |
| Prior year adjustment | - | ( |
) | - | ( |
) |
| As restated |
| Changes in equity |
| Issue of share capital | - | - |
| Total comprehensive income | - | ( |
) |
| Bonus issue | - | (50,096 | ) | - | (50,096 | ) |
| Balance at 30th April 2021 |
| CLEARAWAY HOLDINGS LIMITED (REGISTERED NUMBER: 09737362) |
| Consolidated Cash Flow Statement |
| for the year ended 30th April 2021 |
| 2021 | 2020 |
| as restated |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 149,891 | 3,059,199 |
| Interest paid | (12,129 | ) | (14,833 | ) |
| Interest element of hire purchase payments paid |
(9,906 |
) |
(23,262 |
) |
| Tax paid | (141,365 | ) | (330,517 | ) |
| Net cash from operating activities | (13,509 | ) | 2,690,587 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (851,007 | ) | (1,171,927 | ) |
| Sale of tangible fixed assets | 214,167 | 48,520 |
| Interest received | 1,271 | 1,441 |
| Net cash from investing activities | (635,569 | ) | (1,121,966 | ) |
| Cash flows from financing activities |
| New loans in year | 500,000 | - |
| Loan repayments in year | (22,407 | ) | (19,538 | ) |
| Capital repayments in year | (193,928 | ) | (271,892 | ) |
| Net cash from financing activities | 283,665 | (291,430 | ) |
| (Decrease)/increase in cash and cash equivalents | (365,413 | ) | 1,277,191 |
| Cash and cash equivalents at beginning of year |
2 |
2,400,914 |
1,123,723 |
| Cash and cash equivalents at end of year | 2 | 2,035,501 | 2,400,914 |
| CLEARAWAY HOLDINGS LIMITED (REGISTERED NUMBER: 09737362) |
| Notes to the Consolidated Cash Flow Statement |
| for the year ended 30th April 2021 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2021 | 2020 |
| as restated |
| £ | £ |
| Profit before taxation | 753,406 | 2,049,269 |
| Depreciation charges | 585,345 | 538,706 |
| Profit on disposal of fixed assets | (61,775 | ) | (5,430 | ) |
| Loss/(gain) on revaluation of fixed assets | 70,000 | (86,672 | ) |
| Finance costs | 22,035 | 38,095 |
| Finance income | (1,271 | ) | (1,441 | ) |
| 1,367,740 | 2,532,527 |
| (Increase)/decrease in trade and other debtors | (1,373,992 | ) | 115,999 |
| Increase in trade and other creditors | 156,143 | 410,673 |
| Cash generated from operations | 149,891 | 3,059,199 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 30th April 2021 |
| 30.4.21 | 1.5.20 |
| £ | £ |
| Cash and cash equivalents | 2,035,501 | 2,400,914 |
| Year ended 30th April 2020 |
| 30.4.20 | 1.5.19 |
| as restated |
| £ | £ |
| Cash and cash equivalents | 2,400,914 | 1,123,723 |
| CLEARAWAY HOLDINGS LIMITED (REGISTERED NUMBER: 09737362) |
| Notes to the Consolidated Cash Flow Statement |
| for the year ended 30th April 2021 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.5.20 | Cash flow | At 30.4.21 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 2,400,914 | (365,413 | ) | 2,035,501 |
| 2,400,914 | (365,413 | ) | 2,035,501 |
| Debt |
| Finance leases | (292,567 | ) | 193,928 | (98,639 | ) |
| Debts falling due within 1 year | (20,270 | ) | (8,900 | ) | (29,170 | ) |
| Debts falling due after 1 year | (553,044 | ) | (468,693 | ) | (1,021,737 | ) |
| (865,881 | ) | (283,665 | ) | (1,149,546 | ) |
| Total | 1,535,033 | (649,078 | ) | 885,955 |
| CLEARAWAY HOLDINGS LIMITED (REGISTERED NUMBER: 09737362) |
| Notes to the Consolidated Financial Statements |
| for the year ended 30th April 2021 |
| 1. | STATUTORY INFORMATION |
| Clearaway Holdings Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Basis of consolidation |
| The company merged with Clearaway Recycling Limited and Archers Fields Energy Recovery Limited and as a result these financial statements have been prepared under merger accounting. |
| The following are the practical effects of applying merger accounting: |
| (a) | the new shares issued as consideration for the merger, and therefore the 'parent's' investment in the 'acquired' company, are recorded at their nominal amount in the books of the acquiring company; |
| (b) | the net assets of the two companies are combined using existing book values, with adjustments made as necessary to ensure that the same accounting policies are applied to the calculation of the net assets of both companies; |
| (c) | no amount is recognised as consideration for goodwill or negative goodwill; and |
| (d) | the consolidated profit and loss account includes the profits of each company for the entire period, regardless of the date of the merger, and the comparative amounts in the consolidated accounts are restated to the aggregate of the amounts recorded by the two companies. The only exception is the disclosure of directors' remuneration. Adjustments are made as necessary to ensure that the profits of the combining companies have been calculated using consistent accounting policies. |
| Significant judgements and estimates |
| In the application of the company's accounting policies, which are described in note 1, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. |
| CLEARAWAY HOLDINGS LIMITED (REGISTERED NUMBER: 09737362) |
| Notes to the Consolidated Financial Statements - continued |
| for the year ended 30th April 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| Turnover |
| The turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before the revenue is recognised: |
| Sale of goods |
| Revenue from the sale of goods is recognised when all of the following conditions are satisfied: |
| - | the Company has transferred the significant risks and rewards of ownership to the buyer; |
| - | the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; |
| - | the amount of revenue can be measured reliably; |
| - | it is probable that the Company will receive the consideration due under the transaction; and |
| - | the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
| Rendering of services |
| Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
| - | the amount of revenue can be measured reliably; |
| - | it is probable that the Company will receive the consideration due under the contract; |
| - | the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
| - | the costs incurred and the costs to complete the contract can be measured reliably. |
| Other income |
| Due to the Covid-19 pandemic and the closure of businesses under UK Government legislation, the business utilised the Government support scheme: the furlough scheme whereby the Government contributed towards the wage cost of the business. The amounts received are reported under other income in the financial statements. The income is reported in the period that the relief relates to. |
| Tangible fixed assets |
| Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
| Depreciation is charged so as to allocate the cost of assets less residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below. |
| Depreciation is provided on the following basis: |
| Plant and machinery etc. | - 20% Reducing Balance, 20% and 25% Straight Line |
| Land is not depreciated and no depreciation is charged on the leasehold property because any such charge would be immaterial due to the long useful economic life and high residual value. |
| The asset's residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| CLEARAWAY HOLDINGS LIMITED (REGISTERED NUMBER: 09737362) |
| Notes to the Consolidated Financial Statements - continued |
| for the year ended 30th April 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability. |
| Pension costs and other post-retirement benefits |
| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| CLEARAWAY HOLDINGS LIMITED (REGISTERED NUMBER: 09737362) |
| Notes to the Consolidated Financial Statements - continued |
| for the year ended 30th April 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| Government grants |
| Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants received. |
| A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability. |
| Financial instruments |
| The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss. |
| Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| Debtors |
| Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. |
| Creditors |
| Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using effective interest method, less any impairment. |
| Cash and cash equivalents |
| Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amount of cash with insignificant risk of change in value. |
| 3. | OTHER OPERATING INCOME |
| The business received Covid-19 government support in the financial year of: furlough scheme £32,855, this is included within other income. |
| CLEARAWAY HOLDINGS LIMITED (REGISTERED NUMBER: 09737362) |
| Notes to the Consolidated Financial Statements - continued |
| for the year ended 30th April 2021 |
| 4. | EMPLOYEES AND DIRECTORS |
| 2021 | 2020 |
| as restated |
| £ | £ |
| Wages and salaries | 1,461,158 | 1,450,648 |
| Social security costs | 132,540 | 111,103 |
| Other pension costs | 22,280 | 17,909 |
| 1,615,978 | 1,579,660 |
| The average number of employees during the year was as follows: |
| 2021 | 2020 |
| as restated |
| Drivers | 18 | 15 |
| Office | 7 | 6 |
| Mechanics | 3 | 2 |
| Yard Staff | 15 | 12 |
| 2021 | 2020 |
| as restated |
| £ | £ |
| Directors' remuneration | - | - |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2021 | 2020 |
| as restated |
| £ | £ |
| Hire of plant and machinery | 51,984 | 47,305 |
| Depreciation - owned assets | 585,345 | 538,705 |
| Profit on disposal of fixed assets | (61,775 | ) | (5,430 | ) |
| Auditors' remuneration | 12,150 | 8,250 |
| Auditors non audit service fees | 28,385 | 21,204 |
| 6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2021 | 2020 |
| as restated |
| £ | £ |
| HMRC interest | 166 | - |
| Mortgage | 11,963 | 14,833 |
| Hire purchase | 9,906 | 23,262 |
| 22,035 | 38,095 |
| CLEARAWAY HOLDINGS LIMITED (REGISTERED NUMBER: 09737362) |
| Notes to the Consolidated Financial Statements - continued |
| for the year ended 30th April 2021 |
| 7. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2021 | 2020 |
| as restated |
| £ | £ |
| Current tax: |
| UK corporation tax | 74,133 | 259,546 |
| Deferred tax | 69,492 | 131,513 |
| Tax on profit | 143,625 | 391,059 |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2021 | 2020 |
| as restated |
| £ | £ |
| Profit before tax | 753,406 | 2,049,269 |
| Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2020 - 19 %) |
143,147 |
389,361 |
| Effects of: |
| Expenses not deductible for tax purposes | 13,976 | 1,698 |
| Income not taxable for tax purposes | - | (16,467 | ) |
| Capital allowances in excess of depreciation | (82,990 | ) | (115,046 | ) |
| Deferred tax | 69,492 | 131,513 |
| Total tax charge | 143,625 | 391,059 |
| Tax effects relating to effects of other comprehensive income |
| 2021 |
| Gross | Tax | Net |
| £ | £ | £ |
| Revaluation | 615,000 | (116,850 | ) | 498,150 |
| 2020 |
| Gross | Tax | Net |
| £ | £ | £ |
| Revaluation | 177,052 | (32,830 | ) | 144,222 |
| CLEARAWAY HOLDINGS LIMITED (REGISTERED NUMBER: 09737362) |
| Notes to the Consolidated Financial Statements - continued |
| for the year ended 30th April 2021 |
| 8. | INDIVIDUAL PROFIT AND LOSS ACCOUNT |
| As permitted by Section 408 of the Companies Act 2006, the Profit and Loss Account of the parent company is not presented as part of these financial statements. |
| 9. | PRIOR YEAR ADJUSTMENT |
| An election has been made in the current year to reclassify property used within the group for trading purposes to be Tangible Fixed Assets. The result of this is that historic fair value gains have been reclassified to revaluation reserve. |
| 10. | TANGIBLE FIXED ASSETS |
| Group |
| Freehold | Short | Plant and |
| property | leasehold | machinery |
| £ | £ | £ |
| COST OR VALUATION |
| At 1st May 2020 | 1,370,000 | 6,501 | 2,858,577 |
| Additions | - | - | 701,038 |
| Disposals | - | - | (237,750 | ) |
| Revaluations | 615,000 | - | - |
| At 30th April 2021 | 1,985,000 | 6,501 | 3,321,865 |
| DEPRECIATION |
| At 1st May 2020 | - | - | 946,082 |
| Charge for year | - | - | 461,059 |
| Eliminated on disposal | - | - | (85,358 | ) |
| At 30th April 2021 | - | - | 1,321,783 |
| NET BOOK VALUE |
| At 30th April 2021 | 1,985,000 | 6,501 | 2,000,082 |
| At 30th April 2020 | 1,370,000 | 6,501 | 1,912,495 |
| CLEARAWAY HOLDINGS LIMITED (REGISTERED NUMBER: 09737362) |
| Notes to the Consolidated Financial Statements - continued |
| for the year ended 30th April 2021 |
| 10. | TANGIBLE FIXED ASSETS - continued |
| Group |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1st May 2020 | 856,039 | 51,111 | 5,142,228 |
| Additions | 140,383 | 9,586 | 851,007 |
| Disposals | - | - | (237,750 | ) |
| Revaluations | - | - | 615,000 |
| At 30th April 2021 | 996,422 | 60,697 | 6,370,485 |
| DEPRECIATION |
| At 1st May 2020 | 375,352 | 19,488 | 1,340,922 |
| Charge for year | 112,722 | 11,564 | 585,345 |
| Eliminated on disposal | - | - | (85,358 | ) |
| At 30th April 2021 | 488,074 | 31,052 | 1,840,909 |
| NET BOOK VALUE |
| At 30th April 2021 | 508,348 | 29,645 | 4,529,576 |
| At 30th April 2020 | 480,687 | 31,623 | 3,801,306 |
| Cost or valuation at 30th April 2021 is represented by: |
| Freehold | Short | Plant and |
| property | leasehold | machinery |
| £ | £ | £ |
| Valuation in 2019 | 32,107 | - | - |
| Valuation in 2020 | 177,052 | - | - |
| Valuation in 2021 | 615,000 | - | - |
| Cost | 1,160,841 | 6,501 | 3,321,865 |
| 1,985,000 | 6,501 | 3,321,865 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| Valuation in 2019 | - | - | 32,107 |
| Valuation in 2020 | - | - | 177,052 |
| Valuation in 2021 | - | - | 615,000 |
| Cost | 996,422 | 60,697 | 5,546,326 |
| 996,422 | 60,697 | 6,370,485 |
| CLEARAWAY HOLDINGS LIMITED (REGISTERED NUMBER: 09737362) |
| Notes to the Consolidated Financial Statements - continued |
| for the year ended 30th April 2021 |
| 10. | TANGIBLE FIXED ASSETS - continued |
| Company |
| Freehold |
| property |
| £ |
| COST OR VALUATION |
| At 1st May 2020 |
| Revaluations |
| At 30th April 2021 |
| NET BOOK VALUE |
| At 30th April 2021 |
| At 30th April 2020 |
| Cost or valuation at 30th April 2021 is represented by: |
| Freehold |
| property |
| £ |
| Valuation in 2019 | 32,107 |
| Valuation in 2020 | 177,052 |
| Valuation in 2021 | 615,000 |
| Cost | 1,160,841 |
| 1,985,000 |
| 11. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1st May 2020 |
| Additions |
| At 30th April 2021 |
| NET BOOK VALUE |
| At 30th April 2021 |
| At 30th April 2020 |
| CLEARAWAY HOLDINGS LIMITED (REGISTERED NUMBER: 09737362) |
| Notes to the Consolidated Financial Statements - continued |
| for the year ended 30th April 2021 |
| 11. | FIXED ASSET INVESTMENTS - continued |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiaries |
| Registered office: United Kingdom |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2021 | 2020 |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| Registered office: United Kingdom |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2021 |
| £ |
| Aggregate capital and reserves |
| 12. | INVESTMENT PROPERTY |
| Group |
| Total |
| £ |
| FAIR VALUE |
| At 1st May 2020 | 500,000 |
| Impairments | (70,000 | ) |
| At 30th April 2021 | 430,000 |
| NET BOOK VALUE |
| At 30th April 2021 | 430,000 |
| At 30th April 2020 | 500,000 |
| CLEARAWAY HOLDINGS LIMITED (REGISTERED NUMBER: 09737362) |
| Notes to the Consolidated Financial Statements - continued |
| for the year ended 30th April 2021 |
| 12. | INVESTMENT PROPERTY - continued |
| Company |
| Total |
| £ |
| FAIR VALUE |
| At 1st May 2020 |
| Impairments | (70,000 | ) |
| At 30th April 2021 |
| NET BOOK VALUE |
| At 30th April 2021 |
| At 30th April 2020 |
| Investment property was valued on an open market basis on 30th April 2021 by the directors of the company. |
| 13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2021 | 2020 | 2021 | 2020 |
| as restated | as restated |
| (Unaudited) |
| £ | £ | £ | £ |
| Trade debtors | 1,757,046 | 733,685 |
| Amounts owed by group undertakings | - | - |
| Other debtors | 179,040 | 13,907 |
| Tax | 63,421 | - |
| Prepayments and accrued income | 507,290 | 321,792 |
| 2,506,797 | 1,069,384 |
| CLEARAWAY HOLDINGS LIMITED (REGISTERED NUMBER: 09737362) |
| Notes to the Consolidated Financial Statements - continued |
| for the year ended 30th April 2021 |
| 14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2021 | 2020 | 2021 | 2020 |
| as restated | as restated |
| (Unaudited) |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 16) | 8,333 | - |
| Other loans (see note 16) | 20,837 | 20,270 |
| Hire purchase contracts (see note 17) | 83,337 | 192,645 |
| Trade creditors | 546,809 | 517,021 |
| Amounts owed to group undertakings | - | - |
| Tax | 74,133 | 77,944 |
| Social security and other taxes | 30,316 | 46,889 |
| VAT | 263,463 | 223,306 | 12,056 | 9,929 |
| Other creditors | 14,408 | 4,943 |
| Directors' current accounts | 500 | 500 | 500 | 500 |
| Accruals and deferred income | 146,176 | 52,870 |
| 1,188,312 | 1,136,388 |
| 15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group | Company |
| 2021 | 2020 | 2021 | 2020 |
| as restated | as restated |
| (Unaudited) |
| £ | £ | £ | £ |
| Bank loans (see note 16) | 491,667 | - |
| Other loans (see note 16) | 530,070 | 553,044 |
| Hire purchase contracts (see note 17) | 15,302 | 99,922 |
| 1,037,039 | 652,966 |
| CLEARAWAY HOLDINGS LIMITED (REGISTERED NUMBER: 09737362) |
| Notes to the Consolidated Financial Statements - continued |
| for the year ended 30th April 2021 |
| 16. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group | Company |
| 2021 | 2020 | 2021 | 2020 |
| as restated | as restated |
| (Unaudited) |
| £ | £ | £ | £ |
| Amounts falling due within one year or on | demand: |
| Bank loans | 8,333 | - |
| Mortgages | 20,837 | 20,270 | 20,835 | 20,268 |
| 29,170 | 20,270 |
| Amounts falling due between one and two | years: |
| Bank loans - 1-2 years | 100,000 | - |
| Mortgages 1-2 years | 21,362 | 20,781 | 21,362 | 20,781 |
| 121,362 | 20,781 |
| Amounts falling due between two and five | years: |
| Bank loans - 2-5 years | 391,667 | - |
| Mortgages 2-5 years | 508,708 | 532,263 | 508,708 | 532,263 |
| 900,375 | 532,263 |
| 17. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Hire purchase contracts |
| 2021 | 2020 |
| as restated |
| £ | £ |
| Net obligations repayable: |
| Within one year | 83,337 | 192,645 |
| Between one and five years | 15,302 | 99,922 |
| 98,639 | 292,567 |
| CLEARAWAY HOLDINGS LIMITED (REGISTERED NUMBER: 09737362) |
| Notes to the Consolidated Financial Statements - continued |
| for the year ended 30th April 2021 |
| 18. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group | Company |
| 2021 | 2020 | 2021 | 2020 |
| as restated | as restated |
| (Unaudited) |
| £ | £ | £ | £ |
| Bank loans | 500,000 | - |
| Hire purchase contracts | 98,639 | - | - | - |
| Mortgage | 550,905 | 573,312 | 550,905 | 573,312 |
| 1,149,544 | 573,312 |
| The mortgage is secured against the freehold property by a first legal charge and debenture issued by the company. Also a 100% owned subsidiary company has given a guarantee for up to £639,000 and issued a debenture. |
| The hire purchase liability is secured against the assets to which they relate. |
| The bank loan is secured by the Coronavirus Business Interruption Loan Scheme provided by the government during the coronavirus outbreak. |
| 19. | PROVISIONS FOR LIABILITIES |
| Group | Company |
| 2021 | 2020 | 2021 | 2020 |
| as restated | as restated |
| (Unaudited) |
| £ | £ | £ | £ |
| Deferred tax | 525,811 | 339,469 | 153,434 | 49,884 |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1st May 2020 | 339,469 |
| Accelerated capital allowances | 186,342 |
| Balance at 30th April 2021 | 525,811 |
| Company |
| Deferred |
| tax |
| £ |
| Balance at 1st May 2020 |
| Movement in year | 103,550 |
| Balance at 30th April 2021 |
| CLEARAWAY HOLDINGS LIMITED (REGISTERED NUMBER: 09737362) |
| Notes to the Consolidated Financial Statements - continued |
| for the year ended 30th April 2021 |
| 20. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2021 | 2020 |
| value: | £ | £ |
| 40,080 | ORDINARY | £1 | 40,080 | 4 |
| 10,020 | ORDINARY B | £1 | 10,020 | - |
| 50,100 | 4 |
| A bonus issue of £50,096 was made by the company and 10,020 shares were reclassified from Ordinary shares into Ordinary B shares. |
| Ordinary and Ordinary B Shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any right of redemption. |
| 21. | RESERVES |
| Group |
| Retained | Revaluation | Merger |
| earnings | reserve | reserve | Totals |
| £ | £ | £ | £ |
| At 1st May 2020 | 5,344,784 | 175,743 | 297,993 | 5,818,520 |
| Prior year adjustment | (175,743 | ) | (175,743 | ) |
| 5,169,041 | 5,642,777 |
| Profit for the year | 609,781 | 609,781 |
| Revaluation | - | 498,150 | - | 498,150 |
| Bonus issue | (50,096 | ) | - | - | (50,096 | ) |
| At 30th April 2021 | 5,728,726 | 673,893 | 297,993 | 6,700,612 |
| Company |
| Retained | Revaluation |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1st May 2020 | 2,246,941 |
| Prior year adjustment | ( |
) | ( |
) |
| Deficit for the year | ( |
) | ( |
) |
| Revaluation | - | 498,150 | 498,150 |
| Bonus issue | (50,096 | ) | - | (50,096 | ) |
| At 30th April 2021 | 2,500,137 |